Hi,
Does the watermark display in print preview?
Please first make sure the "Print drawings created in Word" and "Print background colors and images" options are enabled under File > Options > Display > Printing Options.

Hope this helps.
Regards,
Steve Fan
Please remember to mark the replies as an answers if they help and
unmark them if they provide no help.
If you have feedback for TechNet Subscriber Support, contact
tnmff@microsoft.com.